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Mechanism Design with Incomplete Information: A Solution to the Implementation Problem

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  • Palfrey, Thomas R
  • Srivastava, Sanjay

Abstract

The main result of this paper is that the multiple equilibrium problem in mechanism design can be avoided in private-value models if agents do not use weakly-dominated strategies in equilibrium. The authors show that, in such settings, any incentive-compatible allocation rule can be made the unique equilibrium outcome to a mechanism. They derive a general necessary condition for unique implementation that implies that the positive result for private-value models applies with considerably less generality to common-value settings. Copyright 1989 by University of Chicago Press.

Suggested Citation

  • Palfrey, Thomas R & Srivastava, Sanjay, 1989. "Mechanism Design with Incomplete Information: A Solution to the Implementation Problem," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 668-691, June.
  • Handle: RePEc:ucp:jpolec:v:97:y:1989:i:3:p:668-91
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